Vista Land & Lifescapes Inc., the largest homebuilder owned by the Villar family, posted a net income of P6.4 billion in 2020, down 45 percent from 2019, amid the challenging economic conditions brought about by the pandemic. Consolidated revenues in 2020 dropped 26 percent to P32.7 billion.
The company said despite the impact of the COVID-19 pandemic on operations, its commercial business remained resilient with rental revenues dropping only by 7 percent.
The property firm reopened 95 percent of operational gross floor area amid the lockdowns, as most of its tenants are categorized as essential.
Residential business also managed to quickly launch projects when presented with opportunities due to its land bank and presence across the country.
“The past year truly challenged our ability to move forward despite the presence of a global health crisis. However, it even proved to be one of our most innovative years yet as we accelerated our digital transformation to reach and to better serve our clients,” said Vista Land chairman Manuel Villar Jr.